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The special inspector general for the financial bailout will examine how 10 states were selected for an Obama administration plan to provide $2.1 billion in assistance to areas hit by the housing bust. A federal appeals court on Tuesday found that a government policy that can lead to broadcasters being fined for allowing even a single curse word on live television is unconstitutionally vague.

Trade gap widens as imports and exports both rise (AP)

The trade deficit rose in May to an 18-month peak as rising imports offset another solid gain in U.S. exports. The surge in imports was a hopeful sign for the economic recovery because it suggested businesses are optimistic that U.S. consumers will spend more in coming months